SPONSORED ARTICLE: Tech Analysis articles are sponsored by SimpleFX — Simple as Never Before,
SimpleFX is a robust online trading provider, offering trading with Forex CFDs on Bitcoins, Litecoins, indices, precious metals and energy. Offers simple and transparent trading conditions.
Yesterday was an across the board rally for alt coins. Other than LTC which gained $100, DASH bulls also drove prices to record highs above $900 for the first time. If DASH bulls keep up, then the $1070 mark will not be a mirage anymore.
Let’s look at the charts:
NEM BULLS AIM DECEMBER 8 HIGHS OF $0.68
XEMUSD 4HR Chart for December 13, 2017
As long as there is a stochastic buy signal in place and NEM prices are above the 20 period MA, then bulls are in charge.
From the current set up in price action, we can see chances of candlestick banding along the upper BB as bulls retest December 8 highs of $0.68.
For that to happen, we need a strong close above the 61.8% Fibonacci extension level of $0.58.
AFTER $820, DASH BULLS NOW AIM $1075
DASHUSD 4HR Chart for December 13, 2017
Bulls are in charge and right now, DASH is $65 above our take profit level of $820.
If it continues this way, then our immediate take profit level of $1075 as hinted by Fibonacci extension level will be hit.
Fact is, we now have a stochastic buy signal in the daily chart and even if it is not from the oversold territory, it is in sync with the weekly chart buy momentum.
Furthermore, in the 4HR chart we have this candlestick banding along the upper BB meaning there is high buy pressure.
So with every retest of the 20 period MA, a buy opportunity presents itself.
IOTA BULLS MOVING INSIDE A WEDGE BUT IDEAL TARGET IS $5.6
IOTUSD 4HR Chart for December 13, 2017
Today we had some IOTA higher highs and a break and close above the upper BB. However, as we can see from the chart, USD bulls are pushing prices lower.
The thing is, stochastics are bullish and at the moment, the minor resistance trend line and the 20 period MA would be our first and second level of support going forward.
Setting a buy stop above December 12 highs at $5 would be the best approach if you want to catch any IOTA surge which would be in sync with the weekly chart bull trend.
Overly, we remain bullish and aim for $5.6 which is last week’s highs.
MONERO BULLS STRONG AND SECOND FIBONACCI EXTENSION LEVEL AT 400 IS NEXT TAKE PROFIT LEVEL
Monero 4HR Chart for December 13, 2017
Our ideal take profit targets at $300 is now acting as support.
As long as Monero price action remain above it today the it is likely that the second level of the Fibonacci extension at $400 would be hit.
In the weekly chart-just like it is in the 4HR chart, bull momentum is strong. Matter of fact, candlesticks are actually aligning themselves along the upper BB.
Because of the strong buy pressure in our trend setting time frame, any correction towards $300 or to the middle BB presents another buying opportunity.
AFTER SURGING PAST $250, LTC BULLS AIM AT $450 FIBONACCI EXTENSION LEVEL
LTCUSD 4HR Chart for December 13, 2017
Our $250 take profit level was destroyed yesterday and LTC bulls are actually trading $100 more. As it is, buying on dips is the way to go.
There is an over extension to the upside after that bearish candlestick closed above the upper BB. If LTC prices correct, any bounce from the middle BB will be another buy opportunity. That will be especially so if there is an accompanying stochastic buy signal.
From price action set up, ideal target is now at $450. This level is the 4.764 Fibonacci extension level from August February High lows.
All charts courtesy of Trading View